The US dollar is still projected to bounce back from its current bearish price correction opposite the Swiss franc after matching an almost two-month high earlier today. Price action has fallen to as low as 0.9333 after reaching a high of 0.9387. Still, fundamental data from the United States are looked forward to give another boost to the Greenback as the skirmish between the safety bet currencies come to a close this week.

Investor confidence borne off the nascent corporate earnings season is presupposed to support the Greenback today, especially as the S&P 500 index nears the 1500 mark. Friday earnings reports offer fourth quarter corporate releases from General Electric, Morgan Stanley, Schlumberger, State Street, SunTrust Banks, McMoran Exploration, Parker Hannifin, Johnson Controls and Rockwell Collins. Patti Domm of CNBC reports that the S&P 500 could take a swing at 1500 after rising to a new five-year high of 1480 if earnings news today does not hamper the rise.

"We're at a new (S&P) high for the recovery. If it gets near 1500, there's also going to be something else in the background. You're having people process it, and look at their portfolios and wonder if they have enough in stocks," said Jim Paulsen, chief investment strategist at Wells Capital Management. Paulsen adds that the tone of CEOs when they discuss their outlook could be what determines whether the market continues higher, driving the S&P to the psychological 1500 mark.

Moreover, the preliminary consumer sentiment index from the University of Michigan is expected to show some improvement after suffering a sharp drop in confidence related to the "fiscal cliff" standoff in Congress. The composite index is forecast to post a 75.1 grade for January to follow a downwardly revised 72.9 rating for December. This is perceived to be favorable news in spite of the looming tension concerning the debt ceiling.

Considering positive forecasts on the earnings reports and the economic data for today, a buy position is suggested for the USDCHF. Nevertheless, be cautious of the probable technical corrections in the day’s trades.